Minister Ambrose Announces Support to Help Innovative Canadian Businesses Grow and Prosper in Alberta

EDMONTON, ALBERTA--(Marketwired - Nov. 21, 2014) - The Honourable Rona Ambrose, Minister of Health, on behalf of the Honourable Ed Holder, Minister of State (Science and Technology), today announced the Government of Canada's investment in the University of Alberta, which will help Canada's innovative businesses to grow, prosper and create jobs.

The University of Alberta, through its affiliation with TEC Edmonton, and in collaboration with Innovate Calgary, will receive up to $6 million in funding over the next five years through the Canada Accelerator and Incubator Program (CAIP), to provide local entrepreneurs with the resources and expertise needed to develop their business plan, seek follow-on financing and new international markets for products and services. These organizations play an important role in preparing early stage companies for successfully accessing investment capital and serves as an invaluable resource for entrepreneurs in developing products for a competitive global marketplace.

Quick Facts

On June 20, 2014, Prime Minister Stephen Harper announced 15 incubators and accelerators chosen to advance in the selection process for CAIP, which is designed to
help outstanding small and medium-sized Canadian enterprises to grow, prosper and
create jobs.

Delivered by the National Research Council of Canada's Industrial Research Assistance Program (NRC-IRAP), CAIP provides support in the form of non-repayable contributions to a small and select number of best-in-class accelerators and incubators. Recipients will be required to demonstrate matching contributions on at least a 1:1 basis during the period of the contribution funding.

The University of Alberta, through its affiliation with TEC Edmonton, and in collaboration with Innovate Calgary, will deliver new and incremental incubator and accelerator programs, in support of its strategy of enabling high-growth companies in the health and energy sectors.

TEC Edmonton will develop a Health Accelerator Program that will assist in the commercialization of various new research developments in this sector. This program will assist in ensuring those new technologies developed reach those in need to ensure the best healthcare solutions are available.

Innovate Calgary will develop an Energy Accelerator Program to assist in ensuring new technologies that will benefit both the industry and the environment can be made available to the market in a more timely manner.

Quotes

"Today's announcement will help ensure Alberta's promising innovative businesses have the resources they need to grow, innovate and create jobs here in Edmonton. This funding will assist in the strengthening of the business innovation capacity in communities across Canada. By investing in the University of Alberta, our government is supporting accelerators and incubators across the country while strengthening our local community's business innovation capacity."

Rona Ambrose, Minister of Health

"Business incubators provide a launching-pad for innovation and link entrepreneurs and the marketplace. Alberta's business incubators are also key partners in helping commercialize products in priority areas like health and energy that can grow and diversify our economy."

Don Scott, Alberta Minister of Innovation and Advanced Education

"The Canada Accelerator and Incubator Program, along with support from our other funders including the City of Edmonton and the Province of Alberta, will fundamentally change the commercialization environment for early stage companies. This funding will link emerging businesses, investors, technology users, and major research institutions, to create a step change in commercialization outcomes in the country."

Chris Lumb, CEO, TEC Edmonton

"Through the funding support of the Government of Canada, we are given an opportunity to attract and assist early stage companies in successfully executing their commercialization strategies, accelerate their growth and bring their technologies and products to the global marketplace."

Peter Garrett, President, Innovate Calgary

"We are delighted to work with our federal and provincial partners to advance the development of a collaborative health SME strategy in Alberta. Through our partnered support, TEC Edmonton will undertake a demonstration project focused on innovation in Alberta's SME sector."